He underreported his business income by $1 million.
The former owner of a liquor store and other businesses in Illinois has been sentenced to 24 months in prison for filing corporate tax returns that underreported the businesses’ earnings.
Yousef Abdallah, 69, formerly of Peoria, Illinois, pleaded guilty to filing a false corporate tax return for the 2014 tax year.
As part of his plea, Abdallah agreed to pay $176,196 in restitution to the IRS for the tax years 2013, 2014, and 2015, for which he had approximately $1 million in unreported gross sales.
According to court documents, Abdallah came to the attention of the IRS when he listed his business, Danville Wine & Spirits, Inc., doing business as Danville Liquors, for sale on the internet. His asking price was $425,000, based on touted sales of $1.56 million per year.
However, Abdallah admitted that he did not report all his sales on the income tax return.